FELE vs MWA: Correlation
Measured on weekly returns over the past three years, Franklin Electric Co., Inc. (FELE) and MUELLER WATER PRODUCTS (MWA) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FELE and MWA?
Across a 3-year window, the weekly returns of FELE and MWA correlate at 0.59, moderate. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. Stretching to 5 years gives 0.60, with an annualized covariance of 420.4 %².
Among the 25 assets we track against FELE, MWA ranks #11 by 3-year correlation. The trailing year gives FELE the advantage: +3.8% versus -8.4%, a 12.2-point spread.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FELE vs MWA: side by side
| FELE (Franklin Electric Co., Inc.) | MWA (MUELLER WATER PRODUCTS) | |
|---|---|---|
| 1-year return | +3.8% | -8.4% |
| 5-year return | +25.2% | +59.7% |
| Volatility (ann.) | 22.7% | 31.5% |
| Beta vs S&P 500 | 0.79 | 0.96 |
| Max drawdown (3Y) | -23.5% | -19.2% |
| Market cap | $4.5B | $3.9B |
| P/E (trailing) | 29.4 | 17.4 |
| Dividend yield | 1.06% | 1.10% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FELE | MWA |
|---|---|---|
| 2022 | -14.9% | -23.8% |
| 2023 | +22.4% | +36.3% |
| 2024 | +1.8% | +58.4% |
| 2025 | -0.9% | +7.0% |
| 2026 | +7.8% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FELE and MWA good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FELE and MWA?
The FELE/MWA correlation stands at 0.59 on a 3-year window (1 year: 0.63, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is MWA a good diversifier for FELE?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: FELE correlations · MWA correlations
